BK Technologies Corp (BKTI) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen and Welcome to BK Technologies Corporation conference call for the fourth quarter of 2025. This call is being recorded. (Operator Instructions) There is a slide presentation that accompanies today’s remarks, which can be accessed via the webcast.

各位女士、先生，早安，歡迎參加 BK Technologies Corporation 2025 年第四季電話會議。本次電話會議將被錄音。(接線員指示) 今天的發言配有投影片簡報，可透過網路直播存取。

At this time, it is my pleasure to turn the floor over to your host for today, Brett Maas of Hayden Investor Relations. Brett, please go ahead.

此刻，我很榮幸將會議交給今天的主持人——Hayden Investor Relations 的 Brett Maas。Brett，請開始。

Thank you, operator. Good morning, and welcome to our conference call to discuss BK Technologies results for the fourth quarter and full year 2025. On the call today are John Suzuki, Chief Executive Officer; and Scott Malmanger, Chief Financial Officer. I will take a moment to read the Safe Harbor statements. Statements made during this conference call and presented in the presentation that are not based on historical facts and are forward-looking statements.

謝謝，接線員。各位早安，歡迎參加我們的電話會議，討論 BK Technologies 2025 年第四季及全年業績。今天與會者包括執行長 John Suzuki，以及財務長 Scott Malmanger。我先花一點時間宣讀「安全港」聲明。本次電話會議及簡報中所作、非基於歷史事實的陳述，均屬前瞻性陳述。

Such statements include, but are not limited to projections or statements of future goals and targets regarding the company’s revenue and profits. These statements are subject to known and unknown risks and factors that the company’s actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements.

此類陳述包括但不限於對公司營收與獲利之未來目標與指標的預測或說明。這些陳述受已知與未知風險及因素影響，可能導致公司實際結果、表現或成就與前瞻性陳述中明示或暗示者存在重大差異。

And some of the factors and risks that could cause or contribute to such material differences have been described in this morning’s press release and in BK filings with the US Securities and Exchange Commission. These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements.

可能造成或促成此類重大差異的部分因素與風險，已於今早新聞稿以及 BK 向美國證券交易委員會提交的文件中說明。上述陳述係基於截至今日被認為準確的資訊與理解，我們不承擔更新任何前瞻性陳述之義務。

With that out of the way, I’d like to turn the call over to John Suzuki, CEO of BK Technologies. Go ahead, John.

在此說明完畢後，我想把電話會議交給 BK Technologies 執行長 John Suzuki。John，請。

Thank you, Brett. Good morning, everyone, and thank you for joining us on our fourth quarter and fiscal year 2025 conference call. I’ll start by reviewing our operational and financial performance and then turn it over to our Chief Financial Officer, Scott Malmanger, for a deeper dive into our financial results for the fourth quarter and fiscal year 2025.

謝謝你，Brett。各位早安，感謝各位參加我們 2025 年第四季與 2025 會計年度電話會議。我將先回顧我們的營運與財務表現，接著交由財務長 Scott Malmanger 更深入說明 2025 年第四季與 2025 會計年度的財務結果。

Following the discussion of our financial results, I will provide an outlook for our fiscal year 2026 and introduce the core objectives of Vision 2030. We will conclude by opening the call for a brief Q&A. The fourth quarter capped off an excellent year for the business, marked by substantial achievements and the successful execution of our Vision 2025 objectives. We delivered results ahead of annual guidance by all measures, including revenue growth, margin expansion, and increased profitability.

在討論完財務結果後，我將提供 2026 會計年度展望，並介紹 Vision 2030 的核心目標。最後我們將開放簡短的問答。第四季為公司精彩的一年畫下句點，期間達成多項重要里程碑，並成功執行 Vision 2025 目標。我們在所有衡量指標上皆超越年度指引，包括營收成長、毛利率擴張與獲利能力提升。

Our results underscored the strength of our product portfolio and accelerated customer adoption of our solutions in the public safety communications market. Our business performed strongly in the fourth quarter of 2025, with revenue of $21.5 million, increasing 20% year-over-year, which is the second consecutive quarter of plus 20% top-line growth. Revenue growth was driven primarily by robust state and local agency order volumes, including increased purchase volumes of our BKR Series radios by agencies within our core Tier 2 and Tier 3 target markets.

我們的成果凸顯產品組合的強勁實力，以及客戶在公共安全通訊市場加速採用我們解決方案的趨勢。2025 年第四季公司表現強勁，營收達 2,150 萬美元，年增 20%，這是連續第二季實現超過 20% 的營收成長。營收成長主要由州與地方機關強勁的訂單量所帶動，其中包括我們核心 Tier 2 與 Tier 3 目標市場內的機關增加採購 BKR 系列無線電。

As a reflection of favorable product mix and continued wider-scale adoption of our BKR9000, gross margin increased by over 900 basis points in the fourth quarter of 2025. A material expansion to 50.4% compared to 41.2% in the year-ago quarter.

受惠於有利的產品組合，以及 BKR9000 持續在更大規模上被採用，2025 年第四季毛利率提升超過 900 個基點。毛利率大幅擴張至 50.4%，相較去年同期為 41.2%。

This powerful combination of revenue growth, gross margin expansion and diligent cost management resulted in a 78% year-over-year increase in adjusted EBITDA, reaching $4.7 million in the fourth quarter of 2025. For the third consecutive quarter, we delivered adjusted EBITDA margin north of 20%, expanding to 22% in the fourth quarter of 2025 from 14.9% in the year ago period.

營收成長、毛利率擴張與嚴謹的成本管理三者結合，使 2025 年第四季調整後 EBITDA 年增 78%，達 470 萬美元。連續第三季，我們的調整後 EBITDA 利潤率維持在 20% 以上，2025 年第四季擴張至 22%，高於去年同期的 14.9%。

Profitability continued to advance in the fourth quarter of 2025, with non-GAAP fully diluted adjusted EPS reaching $1.17, up from $0.61 in the fourth quarter of 2024. As a result of the strong performance, we closed 2025 with a record cash position of $22.8 million, a significant increase from the $7.1 million at year-end 2024.

2025 年第四季獲利能力持續提升，非 GAAP 完全稀釋後調整 EPS 達 1.17 美元，高於 2024 年第四季的 0.61 美元。受惠於強勁表現，我們在 2025 年底的現金部位創新高，達 2,280 萬美元，較 2024 年底的 710 萬美元大幅增加。

Our financial strength gives us the flexibility to invest strategically in innovation and commercial expansion, supporting opportunities to capture market share and unlock long-term value creation. Currently, our disciplined capital allocation strategy and inherent operating leverage are driving improving returns with return on invested capital of over 20% for the second consecutive year.

我們的財務實力使我們能夠靈活地在創新與商業擴張上進行策略性投資，以支持搶占市占率並釋放長期價值創造的機會。目前，我們嚴謹的資本配置策略與內建的營運槓桿正推動報酬改善，投入資本報酬率（ROIC）連續第二年超過 20%。

We delivered sustained gross margin improvements during the '22-'25 period and successfully navigated substantial industry-wide headwinds, starting with the supply chain disruptions in 2022. At that point, we implemented meticulous cost management initiatives, followed by securing a strategic partnership with East West for outsourced manufacturing, which significantly improved supply chain resilience while reducing manufacturing complexity.

在 2022 至 2025 年期間，我們實現毛利率的持續改善，並成功因應全產業的重大逆風，起點是 2022 年的供應鏈中斷。當時，我們推行細緻的成本管理措施，隨後與 East West 建立外包製造的策略合作夥伴關係，在降低製造複雜度的同時，顯著提升供應鏈韌性。

Stepping into 2025, gross margin steadily expanded throughout the year, supported by the firm customer adoption of our high-margin BKR9000 multiband radio and resulting favorable product mix. For the full year 2025, gross margin expanded by over 1,000 basis points to 48.8%, comfortably above our 47% target. Gross margins improved from 19.3% in 2022 to 48.8% in four years.

進入 2025 年後，在客戶穩健採用我們高毛利的 BKR9000 多頻段無線電、並帶動有利產品組合的支持下，毛利率全年穩步擴張。2025 全年毛利率提升超過 1,000 個基點至 48.8%，明顯高於我們 47% 的目標。毛利率在四年內由 2022 年的 19.3% 提升至 2025 年的 48.8%。

A trajectory that is the result of growing customer adoption, disciplined cost management, optimized supply chain, and the successful repositioning of our manufacturing and sourcing footprint. These structural advantages provide us with the ability to invest in long-term growth. To expand on the positive impact from the BKR9000, our multi-band radios continued to attract agencies for their unmatched combination of performance, interoperability, affordability, and ergonomics.

此一走勢源自客戶採用度提升、嚴謹的成本管理、供應鏈最佳化，以及我們成功重新定位製造與採購版圖。這些結構性優勢使我們具備投資長期成長的能力。進一步說明 BKR9000 的正面影響，我們的多頻段無線電持續吸引各機關，原因在於其在效能、互通性、可負擔性與人體工學方面具備無可匹敵的組合。

BKR Series radios fueled solid revenue growth into the fourth quarter of 2025, leading to full-year revenue growth of 12.5%, exceeding our guidance range of high single digits. While fourth quarter revenue declined sequentially from the third quarter due to normal ordering patterns among public safety agencies, it still represented our strongest fourth quarter on record.

BKR 系列無線電帶動 2025 年第四季穩健的營收成長，使全年營收成長達 12.5%，超越我們「高個位數」的指引區間。雖然第四季營收因公共安全機關正常的採購節奏而較第三季呈現季減，但仍創下公司史上最強的第四季表現。

As I discussed in our third quarter conference call, we shipped 2.5 times the number of BKR9000 multiband radios in 2025 than we did in 2024. This continued sales ramp was driven by expanded agency deployments and recurring replacement cycles. This higher margin mix, in tandem with operating leverage, resulted in a 91% year-over-year increase in operating income for the fourth quarter of 2025, which outpaced revenue growth.

如我在第三季電話會議中所提到，2025 年我們出貨的 BKR9000 多頻段無線電數量為 2024 年的 2.5 倍。這波持續的銷售爬坡，來自機關部署擴大以及週期性的汰換需求。在較高毛利的產品組合與營運槓桿的共同作用下，2025 年第四季營業利益年增 91%，增幅超越營收成長。

This momentum, coupled with the upcoming launch of the BKR9500 radio, positions us with a strong growth lever as we commence our Vision 2030 roadmap. As we close Vision 2025 and enter Vision 2030, our competitive positioning has never been stronger. Our results validate the strength of our product portfolio, the accelerating adoption of our solutions across public safety communications, and the team’s successful execution of our strategic priorities.

這股動能，加上即將推出的 BKR9500 無線電，使我們在啟動 Vision 2030 藍圖之際具備強勁的成長槓桿。隨著我們完成 Vision 2025 並邁入 Vision 2030，我們的競爭定位從未如此強勁。我們的成果驗證了產品組合的實力、我們解決方案在公共安全通訊領域加速被採用的趨勢，以及團隊成功執行策略重點的能力。

With that, I’ll turn it over to Scott Malmanger, our CFO, to give a more detailed overview of our fourth quarter and full year 2025 financial performance. Go ahead, Scott.

接下來，我將把時間交給我們的財務長 Scott Malmanger，請他更詳細地概述我們 2025 年第四季與全年財務表現。Scott，請開始。

Thank you. Thank you, John. Sales for the fourth quarter totaled $21.5 million, an increase of 20% compared with $17.9 million in the fourth quarter of 2024.

謝謝。謝謝你，John。第四季銷售額合計 2,150 萬美元，較 2024 年第四季的 1,790 萬美元成長 20%。

For the full year of 2025, sales expanded by 12.5% to $86.1 million, growing ahead of the high single-digit guidance. Gross margin in the fourth quarter was 50.4% compared with 41.2% in the fourth quarter of 2024, reflecting favorable product mix and continued robust adoption of the higher margin BKR9000. For the year, gross margin expanded by 1,086 basis points from 37.9% to 48.8%, exceeding our guidance of more than 47%.

2025 全年銷售額成長 12.5% 至 8,610 萬美元，增幅優於我們「高個位數」的指引。第四季毛利率為 50.4%，相較 2024 年第四季的 41.2% 提升，反映有利的產品組合，以及高毛利的 BKR9000 持續強勁的採用。全年毛利率由 37.9% 擴張 1,086 個基點至 48.8%，高於我們「超過 47%」的指引。

Selling, general, and administrative expenses for the fourth quarter increased to $6.6 million compared to $5.2 million in the same quarter last year. SG&A expense for the quarter includes non-cash stock-based compensation expense of approximately a $0.5 million.

第四季銷售、一般及行政費用增至 660 萬美元，較去年同期的 520 萬美元增加。本季 SG&A 費用包含約 50 萬美元的非現金股票基礎補償費用。

For the full year of 2025, SG&A increased 23% to $26 million, primarily driven by marketing and promotion costs for the BKR9000 and non-cash RSU compensation expenses within our software engineering team, both of which align with our previously communicated investment strategy to drive sustainable growth. Operating income was $4.2 million in the fourth quarter of 2025, with operating margin expansion from 12.3% in the year ago quarter to 19.7%.

2025 全年 SG&A 增加 23% 至 2,600 萬美元，主要由 BKR9000 的行銷與推廣成本，以及我們軟體工程團隊內的非現金 RSU 補償費用所帶動；兩者皆符合我們先前所溝通、用以推動永續成長的投資策略。2025 年第四季營業利益為 420 萬美元，營業利益率由去年同期的 12.3% 擴張至 19.7%。

For the full year, operating income more than doubled to $16 million from $7.8 million, with operating margin expanding by over 830 basis points from 10.2% in 2024 to 18.6% for the full year 2025. For the fourth quarter of 2025, the company delivered GAAP net income of $4.2 million or GAAP EPS of $1.12 per basic and $1.05 per diluted share, compared with net income of $3.7 million or $1.03 per basic and $0.93 per diluted share in the prior year period.

全年營業利益由 780 萬美元倍增以上至 1,600 萬美元；營業利益率擴張超過 830 個基點，從 2024 年的 10.2% 提升至 2025 全年的 18.6%。2025 年第四季，公司 GAAP 淨利為 420 萬美元，或 GAAP 每股盈餘（EPS）基本每股 1.12 美元、稀釋後每股 1.05 美元；相較去年同期淨利 370 萬美元，基本每股 1.03 美元、稀釋後每股 0.93 美元。

For the full year of 2025, GAAP net income reached $13.5 million, or $3.69 per basic and $3.44 per diluted share, comfortably above the $3.15 per diluted share guidance. This compares to $8.4 million or $2.35 per basic and $2.25 per diluted share in 2024.

2025 全年 GAAP 淨利達 1,350 萬美元，或基本每股 3.69 美元、稀釋後每股 3.44 美元，明顯高於稀釋後每股 3.15 美元的指引。相較之下，2024 年為 840 萬美元，或基本每股 2.35 美元、稀釋後每股 2.25 美元。

Net income of $13.5 million for the full year of 2025 includes the impact of tax credits for the remediation of the uncertain tax position recorded in the 2024 financial results. The company’s effective tax rate for 2025 was 16% compared to an estimated rate of 25% as we look forward to get to 2026. The higher tax rate reflects the normalization of our tax profile and profitability increases.

2025 全年 1,350 萬美元的淨利包含稅額抵減的影響，該稅額抵減與 2024 年財務結果中所記錄之不確定稅務部位的補救（remediation）相關。公司 2025 年有效稅率為 16%，而我們展望 2026 年的估計稅率為 25%。較高的稅率反映我們稅務結構的正常化以及獲利能力提升。

The impact of our higher tax rate on 2026 fully diluted EPS is estimated to be approximately $0.55 per share. Non-GAAP adjusted earnings, which adds back net realized and unrealized loss on investments, non-cash stock-based compensation expenses, non-cash income tax provision expense, and severance expenses, was $4.7 million or $1.24 per basic share and $1.17 per diluted share in the fourth quarter of 2025.

我們較高稅率對 2026 年完全稀釋 EPS 的影響，估計約為每股 0.55 美元。非 GAAP 調整後盈餘（加回投資之已實現與未實現淨損、非現金股票基礎補償費用、非現金所得稅提列費用，以及資遣費用）在 2025 年第四季為 470 萬美元，或基本每股 1.24 美元、稀釋後每股 1.17 美元。

This compares to adjusted earnings of $2.4 million or $0.67 per basic and $0.61 per diluted share in the fourth quarter of 2024. For the full year, non-GAAP adjusted earnings reached $17 million or $4.63 per basic and $4.32 per diluted share, exceeding our guidance of $3.80.

相較之下，2024 年第四季調整後盈餘為 240 萬美元，或基本每股 0.67 美元、稀釋後每股 0.61 美元。全年非 GAAP 調整後盈餘達 1,700 萬美元，或基本每股 4.63 美元、稀釋後每股 4.32 美元，超越我們 3.80 美元的指引。

This compares to a full year 2024 non-GAAP adjusted earnings of $6.8 million or $1.92 per basic and $1.84 per diluted share in 2024. We reported non-GAAP adjusted EBITDA of $4.7 million with adjusted EBITDA margin of 22% in the fourth quarter of 2025, representing a material increase compared to $2.7 million and [14.9%] in the fourth quarter of 2024. This marks our third consecutive quarter of adjusted EBITDA margin of above 20%. For the full year 2025, adjusted EBITDA reached $17.6 million with adjusted EBITDA margin of 20.5%, a significant expansion from $9.6 million and 12.5% in 2024.

相較之下，2024 全年非 GAAP 調整後盈餘為 680 萬美元，或基本每股 1.92 美元、稀釋後每股 1.84 美元。我們在 2025 年第四季的非 GAAP 調整後 EBITDA 為 470 萬美元，調整後 EBITDA 利潤率為 22%，相較 2024 年第四季的 270 萬美元與 [14.9%] 有顯著提升。這是我們連續第三個季度調整後 EBITDA 利潤率高於 20%。2025 全年調整後 EBITDA 達 1,760 萬美元，調整後 EBITDA 利潤率為 20.5%，較 2024 年的 960 萬美元與 12.5% 大幅擴張。

Turning to slide 7, we have delivered noticeable improvement in our profit trajectory dating back to the first quarter of 2024. Although we have achieved continuous profitability increases overall, we did recognize a slight decrease in non-GAAP adjusted earnings on a sequential basis from the third quarter to the fourth quarter of '25, which was related to a non-cash provision for income taxes of approximately $932,000 in the third quarter of 2025.

接著看第 7 頁投影片，自 2024 年第一季以來，我們的獲利走勢已出現明顯改善。雖然整體而言我們已持續提升獲利，但我們確實注意到 2025 年第三季到第四季的非 GAAP 調整後盈餘按季略有下降，原因與 2025 年第三季約 93.2 萬美元的非現金所得稅提列有關。

This is associated with a year-to-date R&D tax credit adjustment stemming from the Big Beautiful Bill signed in July. Our profitability trend has been strong, and we anticipate this trajectory will continue as product mix shifts and we increase BKR9000 sales.

這與 7 月簽署通過的《Big Beautiful Bill》所引發的年初至今研發（R&D）稅額抵減調整有關。我們的獲利趨勢依然強勁，且我們預期隨著產品組合轉變以及 BKR9000 銷售增加，這一走勢將持續。

Turning to the balance sheet, we ended 2025 with a record cash balance and debt-free balance sheet, underscoring the strong cash-generating capability of the business. At December 31, 2025, we had $22.8 million in cash on the balance sheet, a significant improvement over the $7.1 million as of the end of 2024, as well as no debt. The company, as a part of its capital allocation plan, established a Rule 10b5-1 non-discretionary stock repurchase program in September.

再看資產負債表，我們在 2025 年底以創新高的現金餘額與零負債的資產負債表作結，凸顯本業強勁的現金創造能力。截至 2025 年 12 月 31 日，我們資產負債表上的現金為 2,280 萬美元，較 2024 年底的 710 萬美元大幅改善，且沒有任何負債。作為資本配置計畫的一部分，公司於 9 月建立了 Rule 10b5-1 的非裁量性股票回購計畫。

During the quarter, the company repurchased approximately 19,000 shares of its common stock as per the conditions of the plan. Working capital improved to $37.3 million at December 31, 2025, compared with $23 million at December 31, 2024. Shareholders’ equity increased to $44.7 million, compared with $29.8 million at December 31, 2024.

本季公司依該計畫條件回購約 19,000 股普通股。截至 2025 年 12 月 31 日，營運資金改善至 3,730 萬美元，較 2024 年 12 月 31 日的 2,300 萬美元增加。股東權益增至 4,470 萬美元，較 2024 年 12 月 31 日的 2,980 萬美元提升。

To conclude, the strength of our business model and disciplined execution by our team enabled us to deliver on our Vision 2025 objectives and successfully navigate industry-wide challenges. We remain confident that our positioning will enable us to accomplish our Vision 2030 objectives, with our guiding principles being to surpass customer expectations and create advanced value for our key shareholders.

最後，我們商業模式的強勁與團隊有紀律的執行，使我們得以達成 Vision 2025 目標，並成功因應全產業的挑戰。我們仍有信心，憑藉目前的定位，我們將能完成 Vision 2030 目標；我們的指導原則是超越客戶期望，並為主要股東創造更進階的價值。

I will now turn the call back over to John, who will provide our 2026 outlook and Vision 2030 goals.

我現在把電話交回給 John，他將提供我們對 2026 年的展望以及 Vision 2030 的目標。

Thanks, Scott. We closed Vision 2025 in a strong financial position and are poised to carry forward the momentum into 2026 and beyond. Accordingly, we are introducing the following full year 2026 guidance. Revenue of at least $90 million. Full year gross margin of 50% or greater. Full year GAAP EPS of $3.15, and full year non-GAAP adjusted EPS of $3.55.

謝謝，Scott。我們以強勁的財務狀況完成了 Vision 2025，並已準備好將這股動能延續到 2026 年及更遠的未來。因此，我們提出以下 2026 全年財測指引。營收至少 9,000 萬美元。全年毛利率 50% 或以上。全年 GAAP 每股盈餘（EPS）為 3.15 美元，全年非 GAAP 調整後每股盈餘為 3.55 美元。

These targets reflect our current expectations for continued revenue growth, further margin expansion, and operating leverage, particularly on the SG&A line. However, the above guidance also includes the impact of the estimated income taxes described earlier that we will encounter in 2026. We believe there is an upside and we’ll adjust guidance as we execute our growth plan.

這些目標反映了我們目前對持續營收成長、進一步毛利率擴張以及營運槓桿（特別是在 SG&A 費用項目）的預期。不過，上述指引也包含了我們在 2026 年將面臨、先前所述之預估所得稅影響。我們相信仍有上行空間，並將在執行成長計畫的過程中調整指引。

In addition, we continue to make meaningful progress on the development of our soon-to-be-launched BKR9500 multiband mobile radio, a companion radio to the BKR9000, which is on track now for shipping in the first half of 2027. Initial customer validation has been strong, with agencies preferring to buy both handheld and in-vehicle devices from the same manufacturer for seamless interoperability.

此外，我們在即將推出的 BKR9500 多頻段車載行動無線電（作為 BKR9000 的配套機種）開發方面持續取得實質進展，目前仍按計畫於 2027 年上半年開始出貨。初期客戶驗證結果強勁，許多機構偏好向同一製造商同時採購手持與車載設備，以確保無縫互通性。

The 9500 represents a significant opportunity to deepen existing agency relationships and expand our customer base. As we reviewed the remaining development work for the BKR9500 multiband radio, we made the decision to expense future development costs rather than capitalize them. While this reduces reported EPS by approximately $0.50 in 2026, we believe this is more conservative accounting treatment, better reflects the economics of our R&D investments, and strengthens the transparency of our financial reporting. Turning to Vision 2025 and Vision 2030.

9500 代表一個重大機會，可加深既有機構關係並擴大我們的客戶基礎。在檢視 BKR9500 多頻段無線電剩餘的開發工作後，我們決定將未來的開發成本費用化，而非資本化。雖然這會使 2026 年報告 EPS 約減少 0.50 美元，但我們認為這是更保守的會計處理方式，更能反映我們研發投資的經濟實質，並提升財務報導的透明度。接著談 Vision 2025 與 Vision 2030。

Vision 2025 was drafted shortly after I arrived in July 2021. Our base year was 2020, and we set a goal to more than double our revenues, increase our gross margins, and dramatically re-improve our EBITDA to 20% from 3.5%.

Vision 2025 是在我於 2021 年 7 月到任不久後擬定的。我們以 2020 年為基準年度，並設定目標：營收超過倍增、提升毛利率，並將 EBITDA 從 3.5% 大幅改善至 20%。

We did not know within six months we’d be at the start of a global supply chain crisis that dropped our gross margins down to 14%. What was perhaps worse, our new flagship BKR9000 multiband handheld radio would take another 18 months to be released. Despite these challenges, the team battled back and ended 2025 with results just shy of doubling our revenue while achieving the 50% gross margin target in the fourth quarter. This resulted in a full year adjusted EBITDA margin of 20.5%, exceeding our 2025 Vision target of 20%.

我們當時並不知道不到六個月後就會面臨全球供應鏈危機，導致毛利率下滑至 14%。更糟的是，我們新的旗艦產品 BKR9000 多頻段手持無線電還需要再 18 個月才會上市。儘管面臨這些挑戰，團隊仍奮力反擊，並在 2025 年底交出接近營收倍增的成果，同時在第四季達成 50% 的毛利率目標。因此，全年調整後 EBITDA 利潤率達 20.5%，超越我們 Vision 2025 設定的 20% 目標。

As we look forward to 2030, we have set new targets. Our goals for Vision 2030 include the following. Increase our market share and double our revenue to $170 million. Deliver continued gross margin expansion to 60%.

展望 2030 年，我們設定了新的目標。我們的 Vision 2030 目標包括以下幾點。提升市占率並將營收倍增至 1.7 億美元。持續推動毛利率擴張至 60%。

Achieve adjusted EBITDA margin of 35%. This will triple our earnings per share to $13 and flow through to free cash flow generation of over $55 million. Year one of Vision 2030 is 2026. We have reiterated our strategic focus on extending our reach beyond wildland fire into structured fire, law enforcement, and everyday mission-critical communications as we expand our addressable market meaningfully.

達成調整後 EBITDA 利潤率 35%。這將使每股盈餘提升至 13 美元（成長三倍），並帶動自由現金流產生超過 5,500 萬美元。Vision 2030 的第一年是 2026 年。我們再次強調策略重點：在大幅擴展可服務市場（TAM）的同時，將觸角從野地火災延伸至結構性火災、執法，以及日常任務關鍵型通訊領域。

Our Vision 2030 targets are driven by three primary levers, expanding our installed base of BKR9000 radios, the introduction of the BKR9500 mobile platform, and continued margin leverage as our manufacturing model scales.

我們的 Vision 2030 目標由三個主要槓桿驅動：擴大 BKR9000 無線電的裝機基礎、推出 BKR9500 車載平台，以及隨著製造模式規模化而持續提升的毛利槓桿。

Next month at our Investor Day, we will provide a comprehensive deep dive into our Vision 2030 initiatives, including a roadmap for our product innovation, channel expansion, and capital allocation, among other playbook objectives.

下個月在我們的投資人日（Investor Day），我們將對 Vision 2030 的各項計畫進行全面深度解析，包括產品創新路線圖、通路擴張與資本配置等其他作戰手冊目標。

The event will be held virtually on April 2. Registration details will become available shortly, and we hope you can attend. Before we begin the Q&A, I would also like to mention that Scott and I will be attending the 38th annual ROTH Conference on March 23 and 24 at the Ritz-Carlton in Dana Point, California. We encourage you to contact your Roth representative to register. With that, we can now open the call for questions. Jenny?

活動將於 4 月 2 日以線上方式舉行。報名資訊將於近期公布，我們希望您能參與。在開始問答之前，我也想提到 Scott 和我將於 3 月 23 日與 24 日在加州達納岬（Dana Point）的麗思卡爾頓酒店出席第 38 屆年度 ROTH 研討會。我們鼓勵您聯絡您的 Roth 代表進行報名。那麼，我們現在開放提問。Jenny？

(Operator Instructions)

（接線員指示）

Jaeson Schmidt, Lake Street Capital.

Jaeson Schmidt，Lake Street Capital。

Hey guys, thanks for returning my questions. John, I know you don't want to give specific details on the 9000 for competitive reasons, which is understandable, but just curious if you could provide some color on what you're seeing from sort of sales cycle length, if you're seeing any sort of significant pushback from customers, and I guess relatedly with the traction you saw in 2025, was most of that coming from initial orders or expanding orders at existing customers?

各位好，謝謝回答我的問題。John，我知道基於競爭因素你不想提供 9000 的具體細節，這可以理解，但我想了解一下你們看到的情況：例如銷售週期長度、是否看到客戶有任何明顯的反彈；另外，與你們在 2025 年看到的動能相關，那些成長主要來自初次下單，還是既有客戶的追加訂單？

Yeah, the second, well, first, Jason, thanks for joining us this morning and thank you for the question. So the expansion on the 9000 is definitely coming from new orders. A lot of our customers are coming from the fire side, with some in the law enforcement side.

好的，第二個——嗯，首先，Jason，謝謝你今天早上加入我們，也謝謝你的提問。所以，9000 的擴張確實主要來自新訂單。我們很多客戶來自消防領域，也有一些來自執法領域。

The anecdotal feedback that we received from our customers who test the radios. And have made purchases is that, it's a quality radio, that performs well. They really like the ergonomics, and the ones that have received their radios, the feedback has been very positive. So no pushback, to date.

我們從測試無線電並已進行採購的客戶那裡收到的軼聞回饋是：這是一款品質很好的無線電，性能表現出色。他們非常喜歡人體工學設計，而已收到無線電的客戶回饋也非常正面。所以截至目前沒有遇到反彈。

Okay, no, that's great to hear, and I mean the 2030 vision, want to dig in a little bit to some of those metrics. Obviously a significant ramp is expected on the topline, not looking for a specific breakout, but at a high level, how much should we think about that 9500 being a driver, or can you get there with just continued penetration of the 9000?

好的，這真的很高興聽到。我想再深入一下 2030 願景中的一些指標。顯然營收端預期會大幅拉升，我不是要你們給出具體拆分，但從高層次來看，我們應該如何看待 9500 對成長的驅動程度？或者僅靠 9000 的持續滲透就能達成嗎？

Yeah, so I think in general the expectation is that for every two handheld radios that are sold in the marketplace, one in-vehicle mobile radio would be sold. That's just kind of a general rule of thumb in our industry. So we expect the same will happen, same ratio between the BKR9000 and the BKR9500. So we do believe that come 2030, a substantial amount of that revenue will come from the 9500, but even more again from the 9000.

是的，我想一般而言，市場上每賣出兩台手持無線電，就會賣出一台車載行動無線電。這算是我們產業的一個經驗法則。因此我們預期同樣情況也會發生，BKR9000 與 BKR9500 之間也會維持相同的比例。所以我們確實相信到 2030 年，營收中相當大的一部分會來自 9500，但更大的一部分仍會來自 9000。

Okay, that makes sense. And then just the last one from me, and I'll jump back into que. Sticking with some of these 2030 vision metrics, pre-cash flow generation expected to be significant, how should investors or us think about our capital allocation plans going forward?

好的，這很合理。最後一個問題，問完我就回到隊列。延續 2030 願景的一些指標，預期在現金流產生之前的獲利能力會相當可觀，投資人或我們應該如何看待你們未來的資本配置計畫？

Yeah, I think the first and foremost priority is investing in ourselves and our, in our portfolio. We do believe that we're just starting to penetrate this market on a wider scale and that there's a huge runway for our solutions. So the funding will always be prioritized towards our core portfolio and building on that portfolio, especially as we look towards the solution side. Which should drive further adoption of our BKR series radios.

是的，我認為首要且最重要的優先事項是投資於我們自己以及我們的產品組合。我們確實相信，我們才剛開始以更大規模滲透這個市場，而我們的解決方案有非常長的成長跑道。因此，資金將始終優先投入我們的核心產品組合並在此基礎上持續建構，尤其是當我們著眼於解決方案端時。這應該會推動我們 BKR 系列無線電的進一步採用。

After that, we would, we are looking at different acquisitions. Those acquisitions would be tailored around again, our core solution offering. So, anything that could derive, further adoption of our radios would be top of mind, for an acquisition.

之後，我們會考慮不同的併購。這些併購將再次圍繞我們的核心解決方案產品來量身打造。因此，任何能夠帶動我們無線電進一步採用的標的，都會是我們進行併購時的首要考量。

And then lastly, in terms of priorities, it would be returning the money to the shareholders if we at that time could not find a better alternatives, or in the case we did in the fourth quarter, where we felt that our share price was undervalued, we purchased shares back. So that would be the priority. We'll talk about that more on our 2030 Vision call coming up. And I'll expand on our capital allocation priorities at that time.

最後，就優先順序而言，如果到那個時點我們找不到更好的替代方案，我們就會把資金回饋給股東；或者像我們在第四季的情況，當時我們認為股價被低估，因此我們回購了股票。所以那會是優先事項。我們會在即將召開的 2030 願景電話會議上再多談一些。屆時我也會進一步說明我們的資本配置優先順序。

Sounds good. Thanks a lot guys.

聽起來不錯。非常感謝各位。

Thank you, Jason.

謝謝你，Jason。

(Operator Instructions)

（接線員指示）

Robert Van Voorhis, Vanatoc Capital Management.

Robert Van Voorhis，Vanatoc Capital Management。

Hey, good morning guys. Great quarter and good execution from the team. I just have a couple of quick questions, and my first is just on the R&D development expense for the 9500 and I understand it's like somewhere around $2 million. Does that expense essentially go away once the 9500 is released, or is it sort of re rated at a higher rate to sustain the 9500?

各位早安。本季表現很棒，團隊執行得也很好。我有幾個簡短問題，第一個是關於 9500 的研發開發費用，我理解大約在 200 萬美元左右。這筆費用在 9500 發布後就會基本消失嗎？還是會以較高的水準重新調整，以維持 9500 的後續支援？

Yeah, so, our expectation is that we're going to continue to invest in our core products. So we don't anticipate our engineering expense, to go down over time. Now, that being said, less of that, investment is going to be, in the sustainment of the 9500 versus the developments, but we are planning to continue the roadmap and continue our investment in engineering.

是的，我們的預期是會持續投資於核心產品。因此我們不預期工程費用會隨時間下降。不過話雖如此，用於 9500 維護（sustainment）的投資會少於用於新開發的投資；但我們確實規劃要持續產品路線圖，並持續投入工程研發。

Okay, that makes sense. And then my second question, and maybe this is more suited for the call you guys have coming up, but John, just long-term in terms of pricing strategy, I mean, I understand this industry has quite a lot of pricing power. There's a lot of brand loyalty. What kind of is the pricing strategy long-term here? Is it, I don't know, I'm not going to put in numbers in your mouth, but like low single-digit increases over time, or how do you guys think about that?

好的，這樣就說得通。第二個問題，可能更適合留到你們即將召開的那場電話會議，但 John，從長期來看就定價策略而言，我理解這個產業有相當強的定價能力。品牌忠誠度也很高。長期的定價策略大概會是什麼？我不想把數字塞到你嘴裡，但例如隨時間做低個位數的漲價，或你們是怎麼思考的？

That's an excellent question, Robert. So, I think in the context of where we are today, we have a 3%, 3.5% market share. So I would say very modest at best, but we also think that we can at least get to a 10% market share with our current plan in our marketing strategy.

這是個很好的問題，Robert。就我們目前的情況來看，我們的市占率是 3%、3.5%。所以我會說充其量非常有限；但我們也認為，依照目前的計畫與行銷策略，至少可以做到 10% 的市占率。

And so my goal right now is to garner as much market share as I can. And at the point at which we feel that the incremental increase in market share is less than what we could achieve through a price increase, at that point we would start raising prices. Now that being said, I mean we did have some price increases last year that were related to the activities in the administration's tariffs, I mean if we have a disruption in our cost structure, then of course we're going to pass that on to our customers just like all our competitors did in our industry.

因此我現在的目標是盡可能取得更多市占。當我們覺得市占的邊際增量小於透過漲價所能達成的效果時，我們就會開始提高價格。不過話說回來，我們去年確實有一些與政府關稅措施相關的漲價；如果我們的成本結構受到干擾，當然會把成本轉嫁給客戶，就像我們產業中的所有競爭對手所做的一樣。

But if I look at the tradeoff between, the opportunity for us to gain market share and as you said, once you gain these customers, the stickiness is there, I think the priority really is let's get as much market share as we can. And then at some point we will be shifting to continue to improve profitability through sustained price increases over time.

但如果我看在「我們取得市占的機會」與你所說的「一旦取得這些客戶，黏著度就會很高」之間的取捨，我認為優先順序確實是：先盡可能取得更多市占。然後在某個時間點，我們會轉向透過隨時間持續的漲價來進一步提升獲利能力。

Okay, no, that makes total sense, very rational. My last quick question, if I could just get one more, is maybe more suited for Scott, but just on slide 10, the target '26 diluted GAAP EPS number is $3.50 versus I think the diluted GAAP EPS number that you guys gave in the outlook was $3.15 for this year. I guess, how should we look at those, the difference between those two? What really is the difference?

好的，這完全合理，非常理性。我最後一個簡短問題，如果可以再問一個，可能更適合 Scott 回答：在第 10 張投影片，目標 2026 年稀釋後 GAAP EPS 是 3.50 美元；但我記得你們在今年展望中給的稀釋後 GAAP EPS 是 3.15 美元。我想問，我們應該如何看待這兩個數字之間的差異？差別到底是什麼？

It should be a, Scott, I believe it should be $3.15.

應該是——Scott，我相信應該是 3.15 美元。

You, okay, okay.

你——好的，好的。

Yeah. GAAP diluted, yes, is $3.15, the non-GAAP diluted is $3.55.

是的。GAAP 稀釋後是 3.15 美元，非 GAAP 稀釋後是 3.55 美元。

Right, our apologies, Robert, that we did catch that, but obviously version control caught us on that. We didn't get that update.

沒錯，Robert，我們很抱歉；我們確實有注意到，但顯然版本控管在這裡讓我們出錯了。我們沒有把那個更新放進去。

Okay, thank you. Okay, that's it for me. Appreciate it.

好的，謝謝。好，我這邊就這樣。感謝。

Thank you very much. Well, we appear to have reached the end of our question-and-answer session. John and Scott, would you like to make any closing remarks?

非常感謝。看起來我們已經到達問答環節的尾聲。John 和 Scott，你們是否要做任何結語？

Thank you, Jenny. Thank you all for participating in today's call. We are confident the foundation we have built, anchored by continuous revenue and profit growth, a strong debt-free balance sheet, and increasing free cash flow trajectory, positions us to deliver long-term value creation for both our customers and shareholders. We look forward to speaking to you again at our upcoming Investor Day next month. All the best to all of you and have a great day.

謝謝你，Jenny。謝謝各位參與今天的電話會議。我們有信心，我們所建立的基礎——以持續的營收與獲利成長、強健且無負債的資產負債表，以及不斷提升的自由現金流軌跡為支柱——使我們能為客戶與股東創造長期價值。我們期待在下個月即將舉行的投資人日再次與各位交流。祝各位一切順利，祝大家有美好的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。